PENGARUH HERDING BEHAVIOR, OVERCONFIDENCE TERHADAP KEPUTUSAN INVESTASI GENERASI MUDA DI SURABAYA DENGAN LITERASI KEUANGAN SEBAGAI VARIABEL MODERASI
Keywords:
Herding behavior, overconfidence, keputusan investasi, literasi keuangan
Abstract
Fenomena influencer yang memamerkan terkait keberhasilan investasi membuat masyarakat terutama anak muda cenderung melakukan herding behavior dalam pengambilan keputusan investasi dan tidak sedikit anak muda yang melakukan kesalahan pengelolaan emosional terkait investasi. Hal ini menandakan bahwa banyak anak muda sudah mengenal apa itu investasi namun analisis yang dilakukan tidak komprehensif sehingga melakukan herding behavior dalam berinvestasi. Banyak investor pemula dari kalangan anak muda di Surabaya yang minim akan pengalaman serta pengetahuan mengenai investasi yang dapat menyebabkan mereka bertindak irasional dan mendapatkan hasil investasi yang buruk. Penelitian ini bertujuan untuk mengetahui pengaruh herding behavior yang kerap muncul di kalangan investor muda terhadap keputusan investasi. Penelitian ini menggunakan pendekatan kuantitatif dengan Teknik simple random sampling berjumlah 400 anak muda di wilayah Surabaya. Data primer yang digunakan dalam penelitian diperoleh melalui kuisioner yang kemudian dianalisis dengan SmartPLS 4.0, hasil penelitian ini menunjukan Herding Behavior berpengaruh positif signifikan terhadap Keputusan Investasi, Overconfidence berpengaruh positif signifikan terhadap Keputusan Investasi, dan Herding Behavior berpengaruh positif signifikan terhadap Keputusan Investasi yang diperlemah oleh Literasi Keuangan dan Overconfidence berpengaruh positif signifikan terhadap Keputusan Investasi yang diperlemah oleh Literasi Keuangan.
References
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Gupta, S., & Shrivastava, M. (2022). Herding And Loss Aversion In Stock Markets: Mediating Role Of Fear Of Missing Out (FOMO) In Retail Investors. International Journal Of Emerging Markets, 17(7), 1720–1737.
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Herlina, H., Hadianto, B., Winarto, J., & Suwarno, N. A. N. (2020). The Herding And Overconfidence Effect On The Decision Of Individuals To Invest Stocks. Journal Of Economics And Business, 3(4).
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Javed, H., Bagh, T., & Razzaq, S. (2017). Herding Effects, Over Confidence, Availability Bias And Representativeness As Behavioral Determinants Of Perceived Investment Performance: An Empirical Evidence From Pakistan Stock Exchange (PSX). Journal Of Global Economics, 6(1), 1–13.
Khan, M. U. (2017). Impact Of Availability Bias And Loss Aversion Bias On Investment Decision Making, Moderating Role Of Risk Perception. Management & Administration (IMPACT: JMDGMA), 1(1), 17–28.
Maharani, S. N., & Narullia, D. (2021). Pengambilan Keputusan Investasi Rasional : Suatu Tinjauan Dari Dampak Perilaku Representativeness Bias Dan Hearding Effect. 4(1), 1–13.
Mahendra, T., & Prasetyo, A. H. (2021). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi The Jak Mania Pada Rencana Initial Public Offering PT. Persija Jakarta. Journal Of Management And Business Review, 18(2), 449–463.
Mallik, K. A., Munir, M. A., & Sarwar, S. (2017). Impact Of Overconfidence And Loss Aversion Biases On Investor Decision Making Behavior: Mediating Role Of Risk Perception. International Journal Of Public Finance, Law & Taxation, 1(1), 13–24.
Mubarok, A. (2022). Investasi Etis (Ethical Investment)(Konsep, Dasar Pertimbangan Dan Pendekatan). Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 5(1), 766–783.
Mulyono, G. (2020). Literasi Keuangan.
Musyaffi, A. M., Khairunnisa, H., & Respati, D. K. (2022). Konsep Dasar Structural Equation Model-Partial Least Square (Sem-Pls) Menggunakan Smartpls. Pascal Books.
Ngoc. (2017). Determinants Of The Possibilities By Investors’ Risk-Taking: Empirical Evidence From Vietnam. Cogent Economics & Finance, 9(1), 1917106.
Onsomu, Z. N. (2014). The Impact Of Behavioural Biases On Investor Decisions In Kenya: Male Vs Female.
Paramita, R. S., & Isbanah, Y. (2018). Bias Kognitif Dan Kepribadian Individu: Studi Perilaku Investor Muda Di Surabaya. Jurnal Riset Manajemen Sains Indonesia (JRMSI), 9(2).
Penn, C. C., & Jude, F. A. (2024). The Effects Of Behavioural Biases On The Decisions Of Loan Officers To Grant Loans To Small And Medium Sized-Enterprises (Smes). Journal Of Finance And Economics, 12(4), 123–130. Https://Doi.Org/10.12691/Jfe-12-4-5
Permada, D. N. R. (202 C.E.). Literature Review About Behavioral Finance Theory.
Pertiwi, T., Yuniningsih, Y., & Anwar, M. (2019). The Biased Factors Of Investor’s Behavior In Stock Exchange Trading. Management Science Letters, 9(6), 835–842.
Pompian, M. M. (2012). Behavioral Finance And Wealth Management: How To Build Investment Strategies That Account For Investor Biases (Vol. 667). John Wiley & Sons.
Pratama, A. O., Purba, K., Jamhur, J., Prasetyo, T., & Bayu, P. (2020). Pengaruh Faktor Perilaku Investor Saham Terhadap Keputusan Investasi Di Bursa Efek Indonesia. Jurnal Khatulistiwa Informatika, 7(2), 170–179.
Puspita, G., & Isnalita, I. (2019). Financial Literacy: Pengetahuan, Kepercayaan Diri Dan Perilaku Keuangan Mahasiswa Akuntansi. Owner: Riset Dan Jurnal Akuntansi, 3(2), 117–128.
Rahayu, A. D., Putra, A., Oktaverina, C., & Ningtyas, R. A. (2019). Analisis Faktor Faktor Determinan Dan Perilaku Herding Di Pasar Saham. Image: Jurnal Riset Manajemen, 8(2), 45–59.
Rifai, A. (2015). Partial Least Square-Structural Equation Modeling (PLS-SEM) Untuk Mengukur Ekspektasi Penggunaan Repositori Lembaga: Pilot Studi Di UIN Syarif Hidayatullah Jakarta. Al Maktabah, 14(1).
Salvatore, T., & Esra, M. A. (2020). Pengaruh Overconfidence, Herding, Regret Aversion, Dan Risk Tolerance Terhadap Pengambilan Keputusan Investasi Investor. Jurnal Manajemen, 10(1), 48–56. Https://Doi.Org/10.46806/Jm.V10i1.699
Sarwono, J. (2010). Pengertian Dasar Structural Equation Modeling (SEM). Jurnal Ilmiah Manajemen Bisnis Ukrida, 10(3), 98528.
Setiawan, Y. C., Atahau, A. D. R., & Robiyanto, R. (2018). Cognitive Dissonance Bias, Overconfidence Bias Dan Herding Bias Dalam Pengambilan Keputusan Investasi Saham. AFRE (Accounting And Financial Review), 1(1), 17–25. Https://Doi.Org/10.26905/Afr.V1i1.1745
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Sugiyono, P. (2015). Metode Penelitian Kombinasi (Mixed Methods). Bandung: Alfabeta, 28(1), 12.
Sugiyono, P. D. (2017). Metode Penelitian Bisnis: Pendekatan Kuantitatif, Kualitatif, Kombinasi, Dan R&D. Penerbit CV. Alfabeta: Bandung, 225(87), 48–61.
Supramono, S., & Wandita, M. (2017). Confirmation Bias, Self-Attribution Bias, Dan Overconfidence Dalam Transaksi Saham. Jurnal Keuangan Dan Perbankan, 21(1), 25–36.
Susetyo, D. P., & Firmansyah, D. (2023). Literasi Ekonomi, Literasi Keuangan, Literasi Digital Dan Perilaku Keuangan Di Era Ekonomi Digital. Economics And Digital Business Review, 4(1), 261–279.
Waweru, N. M., Mwangi, G. G., & Parkinson, J. M. (2014). Behavioural Factors Influencing Investment Decisions In The Kenyan Property Market. Afro-Asian Journal Of Finance And Accounting, 4(1), 26–49.
Widyaningtyas, D. (2017). Cognitive Dissonance Dalam Pengambilan Keputusan Investasi.
Windayani, F. S., & Krisnawati, A. (2019). Analisis Pengaruh Faktor Demografi Terhadap Literasi Keuangan Dan Keputusan Investasi Di Pasar Modal. Eproceedings Of Management, 6(1).
Zakirullah, & Rahmawati, S. (2020). Faktor-Faktor Yang Berkontribusi Terhadap Perilaku Herding Pada Investor Saham Ritel Di Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen, 5(1), 1–23. Http: Jim.Unsyiah.Ac.Id/Ekm
Zhang, Y., Lu, X., & Xiao, J. J. (2023). Does Financial Education Help To Improve The Return On Stock Investment? Evidence From China. Pacific-Basin Finance Journal, 78, 101940. Https://Doi.Org/Https://Doi.Org/10.1016/J.Pacfin.2023.10194
Zulkarnaen, W., Amin, N. N. (2018). Pengaruh Strategi Penetapan Harga Terhadap Kepuasan Konsumen. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 2(1), 106-128.
Adil, M., Singh, Y., & Ansari, M. S. (2022). How Financial Literacy Moderate The Association Between Behaviour Biases And Investment Decision? Asian Journal Of Accounting Research, 7(1), 17–30.
Afriani, D., & Halmawati, H. (2019). Pengaruh Cognitive Dissonance Bias, Overconfidence Bias Dan Herding Bias Terhadap Pengambilan Keputusan Investasi. Jurnal Eksplorasi Akuntansi, 1(4), 1650–1665.
Alquraan, T., Alqisie, A., & Al Shorafa, A. (2016). Do Behavioral Finance Factors Influence Stock Investment Decisions Of Individual Investors?(Evidences From Saudi Stock Market). Journal Of American Science, 12(9), 72–82.
Aristiwati, I. N., & Hidayatullah, S. K. (2021). Pengaruh Herding Dan Overconfidence Terhadap Keputusan Investasi (Studi Pada Nasabah Emas Kantor Pegadaian Ungaran). Among Makarti, 14(1), 15–30. Https://Doi.Org/10.52353/Ama.V14i1.202
Arman, A., Mira, M., Masrullah, M., Agustan, A., Firmansyah, F., & Aditya, R. (2023). Financial Literacy And Assistance In Compiling Independent Financial Reports Using Expense IQ Money Manager. Technium Sustainability, 4, 7–12.
Azizah, N. S. (2020). Pengaruh Literasi Keuangan, Gaya Hidup Pada Perilaku Keuangan Pada Generasi Milenial. Prisma (Platform Riset Mahasiswa Akuntansi), 1(2), 92–101.
Bakar, S., & Yi, A. N. C. (2016). The Impact Of Psychological Factors On Investors’ Decision Making In Malaysian Stock Market: A Case Of Klang Valley And Pahang. Procedia Economics And Finance, 35, 319–328.
Budiarto, A., & Susanti, S. (2017). Pengaruh Financial Literacy, Overconfidence, Regret Aversion Bias, Danrisk Tolerance Terhadap Keputusan Investasi (Studi Pada Investor PT. Sucorinvest Central Gani Galeri Investasi BEI Universitas Negeri Surabaya). Jurnal Ilmu Manajemen (JIM), 5(2), 1–9.
Chaudhary, A. K. (2013). Impact Of Behavioral Finance In Investment Decisions And Strategies–A Fresh Approach. International Journal Of Management Research And Business Strategy, 2(2), 85–92.
Chen, H., & Volpe, R. P. (1998). An Analysis Of Personal Financial Literacy Among College Students. Financial Services Review, 7(2), 107–128.
Cochran, W. G. (1977). Cochran_1977_Sampling Techniques.Pdf (Pp. 1–428).
Fadhlia, W., Nurhalis, N., Linda, L., & Al Haddad, S. R. (2023). Herding Bias Investor Masa New Normal Pandemi Covid-19. Jurnal Akuntansi Trisakti, 10(2), 169–188. Https://Doi.Org/10.25105/Jat.V10i2.17268
Fitriarianti, B. (2018). Pengaruh Literasi Keuangan, Perilaku Keuangan Dan Pendapatan Terhadap Keputusan Berinvestasi. Proseding Seminar Nasional Akuntansi, 1(1), 1–15.
Ghozali, I., & Latan, H. (2015). Konsep, Teknik, Aplikasi Menggunakan Smart PLS 3.0 Untuk Penelitian Empiris. BP Undip. Semarang, 290.
Gupta, S., & Shrivastava, M. (2022). Herding And Loss Aversion In Stock Markets: Mediating Role Of Fear Of Missing Out (FOMO) In Retail Investors. International Journal Of Emerging Markets, 17(7), 1720–1737.
Halal, P. L., Produk, K., & Manurung, H. P. (N.D.). Harga Terhadap Keputusan Pembelian Produk Luwak White Koffie ( Studi Kasus Pada Warga Desa Danau Sijabut Kecamatan Air Batu ).
Hanum Pertiwi, A., & Panuntun, B. (2023). Pengaruh Herding Behavior, Cognitive Bias, Dan Overconfidence Bias Terhadap Keputusan Investasi. Jurnal Mahasiswa Bisnis & Manajemen, 02(03), 112–129. Https://Journal.Uii.Ac.Id/Selma/Index
Hayat, A., & Anwar, M. (2016). Impact Of Behavioral Biases On Investment Decision; Moderating Role Of Financial Literacy. Moderating Role Of Financial Literacy (September 23, 2016).
Herlina, H., Hadianto, B., Winarto, J., & Suwarno, N. A. N. (2020). The Herding And Overconfidence Effect On The Decision Of Individuals To Invest Stocks. Journal Of Economics And Business, 3(4).
Hikmah, H., Siagian, M., & Siregar, P. (2020). Analisis Tingkat Literasi Keuangan, Experienced Regret, Dan Risk Tolerance Pada Keputusan Investasi Di Batam. Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 3(1), 138–146.
Javed, H., Bagh, T., & Razzaq, S. (2017). Herding Effects, Over Confidence, Availability Bias And Representativeness As Behavioral Determinants Of Perceived Investment Performance: An Empirical Evidence From Pakistan Stock Exchange (PSX). Journal Of Global Economics, 6(1), 1–13.
Khan, M. U. (2017). Impact Of Availability Bias And Loss Aversion Bias On Investment Decision Making, Moderating Role Of Risk Perception. Management & Administration (IMPACT: JMDGMA), 1(1), 17–28.
Maharani, S. N., & Narullia, D. (2021). Pengambilan Keputusan Investasi Rasional : Suatu Tinjauan Dari Dampak Perilaku Representativeness Bias Dan Hearding Effect. 4(1), 1–13.
Mahendra, T., & Prasetyo, A. H. (2021). Pengaruh Literasi Keuangan Terhadap Keputusan Investasi The Jak Mania Pada Rencana Initial Public Offering PT. Persija Jakarta. Journal Of Management And Business Review, 18(2), 449–463.
Mallik, K. A., Munir, M. A., & Sarwar, S. (2017). Impact Of Overconfidence And Loss Aversion Biases On Investor Decision Making Behavior: Mediating Role Of Risk Perception. International Journal Of Public Finance, Law & Taxation, 1(1), 13–24.
Mubarok, A. (2022). Investasi Etis (Ethical Investment)(Konsep, Dasar Pertimbangan Dan Pendekatan). Jesya (Jurnal Ekonomi Dan Ekonomi Syariah), 5(1), 766–783.
Mulyono, G. (2020). Literasi Keuangan.
Musyaffi, A. M., Khairunnisa, H., & Respati, D. K. (2022). Konsep Dasar Structural Equation Model-Partial Least Square (Sem-Pls) Menggunakan Smartpls. Pascal Books.
Ngoc. (2017). Determinants Of The Possibilities By Investors’ Risk-Taking: Empirical Evidence From Vietnam. Cogent Economics & Finance, 9(1), 1917106.
Onsomu, Z. N. (2014). The Impact Of Behavioural Biases On Investor Decisions In Kenya: Male Vs Female.
Paramita, R. S., & Isbanah, Y. (2018). Bias Kognitif Dan Kepribadian Individu: Studi Perilaku Investor Muda Di Surabaya. Jurnal Riset Manajemen Sains Indonesia (JRMSI), 9(2).
Penn, C. C., & Jude, F. A. (2024). The Effects Of Behavioural Biases On The Decisions Of Loan Officers To Grant Loans To Small And Medium Sized-Enterprises (Smes). Journal Of Finance And Economics, 12(4), 123–130. Https://Doi.Org/10.12691/Jfe-12-4-5
Permada, D. N. R. (202 C.E.). Literature Review About Behavioral Finance Theory.
Pertiwi, T., Yuniningsih, Y., & Anwar, M. (2019). The Biased Factors Of Investor’s Behavior In Stock Exchange Trading. Management Science Letters, 9(6), 835–842.
Pompian, M. M. (2012). Behavioral Finance And Wealth Management: How To Build Investment Strategies That Account For Investor Biases (Vol. 667). John Wiley & Sons.
Pratama, A. O., Purba, K., Jamhur, J., Prasetyo, T., & Bayu, P. (2020). Pengaruh Faktor Perilaku Investor Saham Terhadap Keputusan Investasi Di Bursa Efek Indonesia. Jurnal Khatulistiwa Informatika, 7(2), 170–179.
Puspita, G., & Isnalita, I. (2019). Financial Literacy: Pengetahuan, Kepercayaan Diri Dan Perilaku Keuangan Mahasiswa Akuntansi. Owner: Riset Dan Jurnal Akuntansi, 3(2), 117–128.
Rahayu, A. D., Putra, A., Oktaverina, C., & Ningtyas, R. A. (2019). Analisis Faktor Faktor Determinan Dan Perilaku Herding Di Pasar Saham. Image: Jurnal Riset Manajemen, 8(2), 45–59.
Rifai, A. (2015). Partial Least Square-Structural Equation Modeling (PLS-SEM) Untuk Mengukur Ekspektasi Penggunaan Repositori Lembaga: Pilot Studi Di UIN Syarif Hidayatullah Jakarta. Al Maktabah, 14(1).
Salvatore, T., & Esra, M. A. (2020). Pengaruh Overconfidence, Herding, Regret Aversion, Dan Risk Tolerance Terhadap Pengambilan Keputusan Investasi Investor. Jurnal Manajemen, 10(1), 48–56. Https://Doi.Org/10.46806/Jm.V10i1.699
Sarwono, J. (2010). Pengertian Dasar Structural Equation Modeling (SEM). Jurnal Ilmiah Manajemen Bisnis Ukrida, 10(3), 98528.
Setiawan, Y. C., Atahau, A. D. R., & Robiyanto, R. (2018). Cognitive Dissonance Bias, Overconfidence Bias Dan Herding Bias Dalam Pengambilan Keputusan Investasi Saham. AFRE (Accounting And Financial Review), 1(1), 17–25. Https://Doi.Org/10.26905/Afr.V1i1.1745
Sharma, M. S., & Bikhchandani, S. (2000). Herd Behavior In Financial Markets: A Review. IMF Working Papers, 2000/048.
Sugiyono, P. (2015). Metode Penelitian Kombinasi (Mixed Methods). Bandung: Alfabeta, 28(1), 12.
Sugiyono, P. D. (2017). Metode Penelitian Bisnis: Pendekatan Kuantitatif, Kualitatif, Kombinasi, Dan R&D. Penerbit CV. Alfabeta: Bandung, 225(87), 48–61.
Supramono, S., & Wandita, M. (2017). Confirmation Bias, Self-Attribution Bias, Dan Overconfidence Dalam Transaksi Saham. Jurnal Keuangan Dan Perbankan, 21(1), 25–36.
Susetyo, D. P., & Firmansyah, D. (2023). Literasi Ekonomi, Literasi Keuangan, Literasi Digital Dan Perilaku Keuangan Di Era Ekonomi Digital. Economics And Digital Business Review, 4(1), 261–279.
Waweru, N. M., Mwangi, G. G., & Parkinson, J. M. (2014). Behavioural Factors Influencing Investment Decisions In The Kenyan Property Market. Afro-Asian Journal Of Finance And Accounting, 4(1), 26–49.
Widyaningtyas, D. (2017). Cognitive Dissonance Dalam Pengambilan Keputusan Investasi.
Windayani, F. S., & Krisnawati, A. (2019). Analisis Pengaruh Faktor Demografi Terhadap Literasi Keuangan Dan Keputusan Investasi Di Pasar Modal. Eproceedings Of Management, 6(1).
Zakirullah, & Rahmawati, S. (2020). Faktor-Faktor Yang Berkontribusi Terhadap Perilaku Herding Pada Investor Saham Ritel Di Bursa Efek Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Manajemen, 5(1), 1–23. Http: Jim.Unsyiah.Ac.Id/Ekm
Zhang, Y., Lu, X., & Xiao, J. J. (2023). Does Financial Education Help To Improve The Return On Stock Investment? Evidence From China. Pacific-Basin Finance Journal, 78, 101940. Https://Doi.Org/Https://Doi.Org/10.1016/J.Pacfin.2023.10194
Zulkarnaen, W., Amin, N. N. (2018). Pengaruh Strategi Penetapan Harga Terhadap Kepuasan Konsumen. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 2(1), 106-128.
Published
2025-04-30
How to Cite
Yuwana, H., Mustaqim, M., Zaki, A., & Violita, C. E. (2025). PENGARUH HERDING BEHAVIOR, OVERCONFIDENCE TERHADAP KEPUTUSAN INVESTASI GENERASI MUDA DI SURABAYA DENGAN LITERASI KEUANGAN SEBAGAI VARIABEL MODERASI. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(1), 3393-3414. https://doi.org/10.31955/mea.v9i1.5604
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